Marks and Spencer’s board faces fresh criticism, this time over an executive bonus scheme that rewards directors based on the retailer’s profits rather than total shareholder return.

Tony Shiret, analyst at Credit Suisse, said the company’s management was being incentivised to improve short-term profits at the expense of its long-term future. “We believe that the main executive long-term compensation scheme has contributed to the way in which strategy has been developed and needs to be reconsidered,” he said.